Ormat Technologies, Inc. (NYSE:ORA – Get Free Report)’s stock price hit a new 52-week low during trading on Wednesday . The stock traded as low as $90.62 and last traded at $91.2350, with a volume of 785568 shares changing hands. The stock had previously closed at $91.20.
Wall Street Analysts Forecast Growth
Several analysts recently issued reports on the stock. JPMorgan Chase & Co. increased their price target on shares of Ormat Technologies from $122.00 to $131.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 9th. Wolfe Research initiated coverage on Ormat Technologies in a report on Monday, June 8th. They issued a “peer perform” rating on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Ormat Technologies in a research note on Friday, July 17th. Wall Street Zen cut Ormat Technologies from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $130.00 price objective on shares of Ormat Technologies in a research note on Wednesday, September 9th. Eight analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, Ormat Technologies has a consensus rating of “Moderate Buy” and an average price target of $130.75.
Get Our Latest Stock Report on ORA
Ormat Technologies Stock Up 0.7%
Ormat Technologies (NYSE:ORA – Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The energy company reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.24. The company had revenue of $258.76 million for the quarter, compared to the consensus estimate of $240.03 million. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.66%.Ormat Technologies’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter last year, the business posted $0.48 EPS. Sell-side analysts expect that Ormat Technologies, Inc. will post 2.47 earnings per share for the current fiscal year.
Ormat Technologies Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 19th were given a $0.12 dividend. The ex-dividend date was Wednesday, August 19th. This represents a $0.48 annualized dividend and a yield of 0.5%. Ormat Technologies’s dividend payout ratio (DPR) is currently 23.65%.
Institutional Trading of Ormat Technologies
Hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. bought a new position in Ormat Technologies in the 2nd quarter valued at approximately $896,374,000. Clal Insurance Enterprises Holdings Ltd bought a new stake in Ormat Technologies during the 2nd quarter worth approximately $259,568,000. Geode Capital Management LLC grew its holdings in Ormat Technologies by 6.8% during the 4th quarter. Geode Capital Management LLC now owns 1,611,360 shares of the energy company’s stock worth $178,033,000 after acquiring an additional 102,864 shares during the last quarter. Canada Pension Plan Investment Board acquired a new position in Ormat Technologies in the 2nd quarter valued at approximately $173,638,000. Finally, Harel Insurance Investments & Financial Services Ltd. increased its position in Ormat Technologies by 32.7% in the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,147,863 shares of the energy company’s stock valued at $128,469,000 after acquiring an additional 282,583 shares during the period. 95.49% of the stock is currently owned by institutional investors.
About Ormat Technologies
Ormat Technologies, Inc is a renewable energy company that develops, owns, and operates geothermal, recovered energy, and energy storage facilities. The company also designs and manufactures equipment used to generate electricity from geothermal resources and waste heat, including its Ormat Energy Converter systems.
Ormat’s geothermal activities include the exploration and development of geothermal resources, power plant construction, and long-term operation and maintenance. Its recovered energy business converts industrial waste heat and other low-temperature heat sources into electricity.
Read More
- Five stocks we like better than Ormat Technologies
- 3 Luxury Consumer Brands to Watch in a Beaten-Down Sector
- Jackson’s Record Quarter Powers the Bull Case
- Holiday Shopping Is Almost Here—And Target May Be Ready to Win Big
- AI Panic Hit Tech Stocks—But NVIDIA’s Growth Engine Is Intact
Receive News & Ratings for Ormat Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ormat Technologies and related companies with MarketBeat.com's FREE daily email newsletter.
